With any enterprise comes an abundance of critical assets: vehicles, production materials, products, machines, tools, appliances, and people—all of which need to be managed properly to avoid costly delays and malfunctions, meet compliance standards, and achieve financial goals. It comes as no surprise that the Global Asset Management market is growing. According to a market outlook published by Stratistics MRC, the Global Enterprise Asset Management is expected to reach $6.83 billion by 2022, growing at a CAGR of 11.1%. It also comes as no surprise that IoT and cloud services are a driving force behind enterprise asset management (EAM) market growth.

As outlined in our 2016 blog, GPS: The Grandfather of IoT, GPS is a radio navigation satellite service (RNSS). Unlike IoT applications, GPS doesn’t require the user to transmit data and operates independently of any telephonic or internet reception, providing a powerful tool for companies around the world to locate and track assets wherever they are.

Using the Internet of Things to enhance your and your customers’ experience is more accessible than ever before, whether your company is a tech-savvy startup or a respected, established enterprise. There is no reason only large companies should benefit from the monitoring and analytical capabilities of IoT. With a smart budget and a cohesive business vision, your small business can benefit from the research and development that has already been put into IoT technologies.